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1. Term of Development Agreement. The term of the Development Agreement is currently scheduled to expire on September 27, 2010. Section 1.2 of the Development Agreement is hereby amended to provide that the term of the Development Agreement as it pertains to the PG Property shall expire, unless further extended or earlier terminated as provided in the Development Agreement or herein, on September 27, 2017. 2. Issuance of Permits to Develop PG Property. Anything in the Development Agreement to the contrary notwithstanding, including, without limitation, the provisions of Section 3.15 thereof, the City acknowledges and agrees that there is no deadline under the Development Agreement by which PG must obtain necessary permits or governmental approvals, including, without limitation, building permits, to develop the PG Property. The foregoing shall modify Exhibit E attached to the Development Agreement to the extent inconsistent or in conflict with the terms of Exhibit E attached to the Development Agreement. 3. Correction. The last sentence of Section 2.8 of the Development Agreement is hereby amended, in part, to delete the words "Section 2.4(e) and (t)" and to substitute in place thereof the words "Section 2.4(e) and (f) ". 4. General Provisions.Amendment. This Amendment may be amended by and only by an instrument executed and delivered by each party hereto or its successors or assigns. (a) Amendment. This Amendment may be amended by and only by an instrument executed and delivered by each party hereto or its successors or assigns. (b) Applicable Law. This Amendment shall be construed, interpreted and enforced in accordance with the laws of the State of California as the same are in effect from timer to time. (c) Headings. The headings of the sections and subsections hereof are provided herein only for convenience of reference, and shall not be considered in construing their contents. (d) Binding on Successors and Assigns. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. (e) Notices, Demands, and Communications between the Parties. Formal written notices, demands, correspondences and communications between the City and PG shall be deemed given if sent by first class mail, postage prepaid; nationally established overnight courier that guarantees next day delivery and provides a receipt thereof; or by facsimile, to the offices of the City and PG and others indicated below, or such other addresses as either party may from time -to -time designate in writing as provided in this section. 3